New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-14
THE BANKS AND THE HALE-HOLID4Y

A BILL THAT MEETS THEIR APPROyAL-wHAT IT
Pr vIDEs-DAYs OF GRACE ABOLISHED.
1t seems probable that Notwithstanding the oposi-
ton shown toward the Hall Holiday bills before the
Legislature measure will yet be passed making the
last afternoon OF tho week legal halthollday. The
principal objections TO the proposed law have been
raised BY banks of this city Until recently they
have opposed the passage OF any kind OF law the
subject claiming that all such proposed enacments
would interfere seriously with the banking business.
besd being subject 20 Legal obstacles sufficient to
defeat them. But the strong public sentiu ent favor
OF making all a portion oil Saturday legally tree has
caused them to change their position somewhat ana
led the preparation oi oil Iich, II rs understood,
bill was seen last week at the onlces OF Secretary
Olcott, of the Hali-HolidaS Commute who stated
had his approval and that OF Anthony H. Dyet.
tue counsel OF the Clearing House. Ii has been intro
duced III the Senate and Is teiOre the Judiciary Com
mittee OF that body
briefly stated 1t provides tha in addition the reg
ular HOLIDAYS already estabi,hed. every Saturday
ccpt mentioned in the second section OF the bill,
from | o. III. until midnight, shall be- designated a
hali-hoday and shall tor oil purposes whatsoever
as regards the presenting tor payment or acceptance
and protesting aud giving nouce oil the dishonOr %
bills OF exchange bank checks and promisSory NOTES
made after July /, 1887, be treated Sunday
other holiday. All paper falling due ou Satur ny
shall be payable before L o'clock on That day pro-
vded. however, that when any person receives for
collection OIL any Saturday bill OF exchange
promIssory note, he -hall not DO deemed guilty oi
lect nor incur any liability Ill not presenting
collecting 5ucn paper on tudt pIONmcu
also that Tor the purpose oil protesting or otherwise
holding liable any party to any bill OF exchange, oh ok
or promis DRY note which shnil not have been paid
before 1 o'clock any halt-holiday Saturday,
demand CT acceptance or payment thereof may be
maze at any time after o'clock D. III. on sad halt
holiday and notice OF protest OF dishODOr thereof may
DO given the next succeeding secular vi business
day.
The second section of the bill provides that when
ever New Year, Washngtons Birthday or any OF the
usual holidays tall upon SUNDAY. the Saturday
immediately preceding 1t shall be consider ed entire
holiday, provided, however, that in such case ali
after the passage OF this which would otherwise be
presen, abe tor acceptance or payment on the said
Saturday, shall be deemed to DO pTesentabe Tor
acceptance payment Oh the next preceding secular
or business day."
The next section provides that whenever O Tegui ar
holiday tails Monday bills, checks or notes falling
due that day payable on the preceding SATURDAY
before / o'clock. An important provision regarding
DAYS Of grace contained in the fourth Section which
"Ali bills Of exchange and promissory notes made
or payabe within this State, wlich shall be mace
after the first day OF July, 1887, stall be due and
pay able at the time specified therein without any DAYS
OF grace; aud all 81 ch bills checks and notes
DAYS OIL grace are hereby abolished"
he proposed law to take effect July ]. Some OF
the Halt Holiday Committee think that the halt
holiday should be tree after ~ instead OF ] O'Clock
but most them tee satisfied with the proposed law
and will work for lis adoption.